Anebulo Pharmaceuticals (NASDAQ:ANEB) announced its quarterly earnings results on October 8, 2023, revealing a loss of $0.05 earnings per share (EPS) for the quarter. This information, reported by FiscalAI, highlights the ongoing challenges the company faces in the competitive biotechnology sector.
Following the earnings release, Anebulo’s stock price decreased by $0.09 during trading on October 9, falling to $2.28. A total of 20,435 shares changed hands, exceeding the average trading volume of 17,788. Currently, the company holds a market capitalization of $93.66 million, a price-to-earnings (P/E) ratio of -9.91, and a beta of -0.88. Over the past year, the stock has fluctuated significantly, with a low of $0.80 and a high of $3.42. Anebulo’s fifty-day simple moving average stands at $2.46, while the 200-day moving average is $2.02.
Analyst Ratings and Institutional Investments
Several analysts have recently evaluated Anebulo Pharmaceuticals’ stock. On July 23, 2023, Maxim Group downgraded the company’s rating from “strong-buy” to “hold.” Additionally, Weiss Ratings reaffirmed a “sell (d-)” rating on October 8, 2023. Currently, one investment analyst has issued a Buy rating, while another has assigned a Hold rating, and a third has provided a Sell rating. According to data from MarketBeat, Anebulo Pharmaceuticals has an average rating of “Hold” and an average price target of $5.50.
In terms of institutional interest, Goldman Sachs Group Inc. recently acquired a new position in Anebulo Pharmaceuticals. In its latest filing with the Securities and Exchange Commission, the firm disclosed the purchase of 47,954 shares valued at approximately $62,000 during the first quarter of the year. Following this transaction, Goldman Sachs owns about 0.12% of Anebulo’s stock. Overall, institutional investors hold 28.40% of the company’s shares.
Company Overview
Anebulo Pharmaceuticals is a clinical-stage biotechnology company focused on developing innovative solutions for individuals suffering from acute cannabinoid intoxication (ACI) and substance addiction. The firm’s lead product candidate, ANEB-001, is a small molecule cannabinoid receptor antagonist currently undergoing a Phase II clinical trial. This research aims to address the unmet medical need for a specific antidote for ACI, highlighting the company’s commitment to advancing healthcare solutions.
As Anebulo Pharmaceuticals navigates the complexities of the biotechnology landscape, the forthcoming months will be crucial in determining the direction of its stock and overall corporate strategy. Investors and analysts will continue to watch the company’s performance closely as it works towards achieving its goals in the medical field.
